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S&P rates Open Text notes BB
S&P said it assigned a BB rating to Open Text Corp.'s proposed senior unsecured notes of $500 million.
The agency also said it assigned a 5 recovery rating to the debt, indicating 10% to 30% expected default recovery.
The agency also said it affirmed the company’s BB+ long-term corporate credit rating.
The outlook is stable.
The ratings reflect a view that the proposed bond issuance would have only a modest negative impact on the company's credit metrics, keeping adjusted debt-to-EBITDA in line with expectations for the ratings, S&P said.
The company has a fair business risk profile and is considered a leading provider of enterprise content management and enterprise information management solutions, the agency said.
The company benefits from a large base of high-margin maintenance revenues and a growing Cloud-based business that generates recurring billings, S&P said.
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